Govt Raises Rs. 283 Billion Via T-Bills, Cut-Off Yields Down by up to 59 BPS

The cut-off yields on Treasury Bills (T-Bills) went down by up to 59 basis points (bps) in the auction of the paper held on Wednesday. According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 283 billion against a target of Rs. 100 billion in the auction. Official data indicates that the cut-off yield for the 3-month T-Bills went down by 45 bps to 20.9996 percent. The cut-off yield for the 6-month T-Bills went down by 44 bps to 20.9601 percent while the cut-off yield for the 12-month T-Bills declined by 59 bps to 20.8449 percent. The government raised Rs. 20.37 billion for the three-month paper in the competitive auction. It also raised Rs. 11.25 billion and Rs. 34.81 billion for the 6-month and 12-month T-Bills respectively. A further breakdown of the official numbers indicates that the government also raised Rs. 216.80 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 283.23 billion.